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• Il1.Title <br />3.1 Examination Period Lessor shall, within thirty (30) days after execution of this <br />Mining Lease, furnish Lessee with all data requested by Lessee relative to the title of the <br />Mining Properties which is in its possession, such as abstracts, title opinions, or other <br />relevant data, and the Lessee shall have three (3) months after receipt thereof to examine <br />the same and accept or reject title to all of the Mining Properties. If the examination <br />discloses a defect, or defects, in the title to said mining claims which makes or shall make <br />them, or any part thereof, unmarketable, Lessee may reject title and notify Lessor in <br />writing of the defects. <br />3.2 Cure by Lessor. If, after thirty (30) days from receipt of notice of title defects, Lessor <br />has not cured said defects or taken all steps necessary to do so to the satisfaction of <br />Lessee, then Lessee may either waive said defects, and cure title at its sole option and <br />cost or terminate this Mining Lease and be relieved of all further obligation. <br />3.3 Cure by Lessee. If the Lessee elects to cure defects not corrected by the Lessor, it <br />may recover its curative costs fro of the value of any royalty <br />payments thereafter accruing, to a ���. Curative costs to the Lessee in <br />excess of _ shall be its sole responsibility. <br />3.4 Title Failure After Examination Period In the event of a title failure at any time after <br />• the examination period and during the term hereof, the Lessor shall not be liable therefore <br />in damages or otherwise, and such title failure shall not operate to reduce any payment <br />due to the Lessor pursuant to this Mining Lease, except to the extent such title failure is a <br />result of encumbrances or other defects in title created by, through or under the Lessor <br />and except that royalties on production payable to the Lessor shall be paid only in <br />proportion which the Lessor's interest in the part of the Mining Properties from which the <br />royalties on production occur bears to the entire mineral interest therein. <br />IV. Minimun Expenditure <br />4.1 Performance of Work The parties have agreed that no minimum amount of work will <br />be required during the first five years of the lease term. Thereafter, the Lessee agrees to <br />expend not less than the amounts set forth during each lease year on the following <br />schedule: <br />The second year of the Mining Lease <br />The third year of the Mining. Lease <br />and each lease year thereafter <br />Such expenditures are to be for exploration, development, mining or related operations in <br />or for the benefit of the Mining Properties. Amounts expended shall include, but not by <br />way of limitation, expenditures for test and development drilling and excavations, both <br />surface and underground; rental of equipment used in operations in the leased premises or <br />• if equipment used in the operations is owned by Lessee, equivalent rental computed at the <br />March 12, 2010 Amendment M- 1981 -185 3 <br />